Bitcoin on-chain activity slumps as futures heat up

Bitcoin network activity has dropped to one of its lowest levels in 18 months, according to CryptoQuant on X. Retail investor demand is down over 5%, and spot trading volume on centralized exchanges has returned to 2020 lows, signaling weak organic interest. Meanwhile, 847,200 BTC have shifted to long-term holders, Ethereum open interest hit a record 7.17 million ETH and retail futures trading has surged. The market may be in a quiet accumulation phase ahead of a major move.